Here’s a question that many hobby enthusiasts ask themselves when wanting to make money doing what they love: “Would your hobby make a sustainable business?” Asking yourself this question and answering with dedication and data is the first step towards making it happen. Here are a few signs you’re ready:
- You’ll still enjoy your hobby after you’ve started your business
- You’re prepared for potential customer criticism
- You have a big enough audience to sell your work
- You have enough knowledge to take care of administrative and operational responsibilities
- You have the time to dedicate to your business
Once you’ve decided it’s possible, it’s time to put the wheels into motion.
Of course, there are the obvious benefits of starting your own business. You spread the word about your products and services, generate revenue, and create additional job opportunities. In many cases, it helps to look at business owners who have turned their hobbies into entrepreneurial successes. Keep in mind that starting your own business doesn’t require a brick-and-mortar office: ecommerce is booming, and in today’s economy, you don’t need to rent a space to make a profit.
Create a List of Revenue-Generating Ideas
To create a financially stable business, it’s important that you generate a list of all items that will yield cash. This applies whether your business offers services or products. Sometimes, there are ways to generate revenue that you may not have thought of.
For example, let’s say you create pop-culture inspired artwork using graphic design programs. In addition to selling your base work, you might create a space where customers can request custom items for a premium price, OR host a design class (which is also a great marketing tactic).
Additionally, check out competitors in your field in your city, as well as in other cities. Take note of the different ways they generate revenue.
Write a Business Plan
Now that you’ve got a list of ways you’ll bring in some cash, it’s time to write a business plan. For hobbyists, this can be a little difficult because it takes away from what you enjoy doing most—your hobby. However, this is an integral part of the process. Not only can it help you secure funding from banks and investors, but also serves as a map for you, the business owner, as you go through the motions of starting your first business. To start, take a look at sample business plans.
There are also plenty of avenues where you can outsource your business plan writing by working with a reputable business plan writer. You can work through an agency that handles those tasks, or hire a freelancer on a platform like Upwork or Fiverr.
Take Advantage of Paid Advertising
One of the best investments you can make as a new business is to take advantage of the benefits of paid advertising. Pay-per-click (PPC) advertising includes Google ads, Facebook ads, Pinterest ads, Twitter ads, and many more.
When you run paid advertising campaigns, you’re able to reach a large, highly-targeted audience. These efforts are also very measurable, allowing you to better understand your efforts and how you can increase your chances of success.
Lastly, organic reach on social media is dwindling, according to Hubspot. Today, Facebook users are only seeing 2% of the organic pages they follow on their news feed. By using paid advertising, you can elevate your brand and guarantee your reach.
According to the CEO of an SEO company called Cardinal Digital Marketing, “The world of PPC is tricky to navigate without a marketing agency or a Google PPC Premiere partner. If you’re not familiar with paid advertising and don’t have the time to study its ins and outs, it’s best to partner with a reputable firm that’s familiar with it—especially in your niche”.
Become an Expert
Becoming an “expert” in your industry can help in many ways, and you can do this through writing and speaking engagements. It begins with a blog, and possibilities branch out from there. Create an editorial calendar, and make your blog an integral part of your online presence. Depending on your resources, it’s ideal to plan blogs at least four to six weeks in advance to ensure you always have fresh content, and if your pipeline gets clogged, there’s enough room to write on schedule.
You’ll also want to start a guest blogging strategy to spread the word. By guest posting in your niche on other websites, you can leverage different audiences and bring more people to your website.
Online Marketplace to Full-Fledged Business
If you currently sell the byproduct of your hobby via an online marketplace, there are also ways you can transition from a crafting site like Etsy to a full business. This is especially true if you have a solid track record on Etsy and plenty of 5-star reviews. This doesn’t mean you have to necessarily get rid of your Etsy shop, but should complement it with an official website and business of your own. This allows you to keep 100% of your profits, and build a coveted email list with each sale.
